- Harris Encourages Investment in AI and Crypto
- VanEck Analysts Weigh In Potential Election Results
- Harris vs. Trump Administration’s Impact on Bitcoin and the Crypto Industry
On September 22, Kamala Harris made her first public comments on the crypto industry and AI, presenting her economic agenda during a fundraising event in New York City.
Harris Encourages Investment in AI and Crypto
As reported by the Singaporean financial newspaper, The Business Times, Kamala Harris promised to bring together labor, small business founders, and innovators, along with major companies. During a fundraiser event at Cipriani Wall Street in Manhattan, Harris also said that, if elected as the US President, she would support investment in America’s competitiveness and future. She vowed to encourage innovative technologies such as AI and digital assets while protecting US consumers and investors with new regulations.
VanEck Analysts Weigh In Potential Election Results
Analysts Matthew Sigel and Nathan Frankovitz from VanEck suggested that the outcome of the 2024 US Elections could be a mixed bag for crypto. They noted that while Harris and Trump are both bullish for Bitcoin, each presents more nuanced implications for the markets. According to them, both administrations will likely maintain fiscal spending, if not further accelerate them. This could lead to more quantitative easing, especially if the process is exacerbated by anti-business policies. VanEck believes that if Harris retains SEC Chair Gary Gensler, whom Trump said he would fire, and aligns her financial policy with that of Senator Elizabeth Warren, it would result in dampened institutional adoption of crypto.
Harris vs. Trump Administration’s Impact on Bitcoin and the Crypto Industry
VanEck believes that a Harris presidency might be better for Bitcoin compared to a second term for Trump, as it would accelerate many structural issues that drive Bitcoin adoption in the first place. However, the crypto industry as a whole would flourish more under a Trump presidency, as it would likely trigger more deregulation and business-friendly policies. The trend of growing fiscal deficits and rising national debt in the US will likely continue, regardless of the election’s outcome, leading to a further weakening of the US dollar. In such a macroeconomic environment, Bitcoin has historically thrived.
As reported by Reuters, Harris will release new economic proposals this week aimed at enabling wealth creation and supporting businesses in the US.
